Valuation_MeasuringandManagingtheValueof.epub - (EPUB全文下载)

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Table of Contents 
Title Page
Copyright Page
About the Authors
Preface
WHY THIS BOOK
STRUCTURE OF THE BOOK
WHAT’S NEW ABOUT THE FIFTH EDITION
VALUATION SPREADSHEET
Acknowledgments
Part One - Foundations of Value 
Chapter 1 - Why Value Value?
CONSEQUENCES OF FORGETTING TO VALUE VALUE
BENEFITS OF FOCUSING ON LONG-TERM VALUE
CHALLENGES OF FOCUSING ON LONG-TERM VALUE
Chapter 2 - Fundamental Principles of Value Creation
GROWTH AND ROIC: DRIVERS OF VALUE
CONSERVATION OF VALUE
RISK AND VALUE CREATION
THE MATH OF VALUE CREATION
SUMMARY
Chapter 3 - The Expectations Treadmill
WHY SHAREHOLDER EXPECTATIONS BECOME A TREADMILL
REAL-WORLD EFFECTS OF THE EXPECTATIONS TREADMILL
DECOMPOSING TRS
UNDERSTANDING EXPECTATIONS
MANAGERIAL IMPLICATIONS
Chapter 4 - Return on Invested Capital
DRIVERS OF RETURN ON INVESTED CAPITAL
COMPETITIVE ADVANTAGE
SUSTAINABILITY OF RETURN ON INVESTED CAPITAL
EMPIRICAL ANALYSIS OF RETURNS ON INVESTED CAPITAL
ROIC Trends
ROIC by Industry and Company Size
SUMMARY
Chapter 5 - Growth
DRIVERS OF REVENUE GROWTH
GROWTH AND VALUE CREATION
DIFFICULTY OF SUSTAINING GROWTH
EMPIRICAL ANALYSIS OF CORPORATE GROWTH
SUMMARY
Part Two - Core Valuation Techniques 
Chapter 6 - Frameworks for Valuation
ENTERPRISE DISCOUNTED CASH FLOW MODEL
ECONOMIC-PROFIT-BASED VALUATION MODELS
ADJUSTED PRESENT VALUE MODEL
CAPITAL CASH FLOW MODEL
CASH-FLOW-TO-EQUITY VALUATION MODEL
OTHER APPROACHES TO DISCOUNTED CASH FLOW
ALTERNATIVES TO DISCOUNTED CASH FLOW
SUMMARY
Chapter 7 - Reorganizing the Financial Statements
REORGANIZING THE ACCOUNTING STATEMENTS: KEY CONCEPTS
REORGANIZING THE ACCOUNTING STATEMENTS: IN PRACTICE
ADVANCED ANALYTICAL ISSUES
Chapter 8 - Analyzing Performance and Competitive Position
ANALYZING RETURNS ON INVESTED CAPITAL
ANALYZING REVENUE GROWTH
CREDIT HEALTH AND CAPITAL STRUCTURE
ALTERNATIVES TO ROIC
GENERAL CONSIDERATIONS
Chapter 9 - Forecasting Performance
DETERMINE LENGTH AND DETAIL OF THE FORECAST
COMPONENTS OF A GOOD MODEL
MECHANICS OF FORECASTING
ADDITIONAL ISSUES
Chapter 10 - Estimating Continuing Value
RECOMMENDED FORMULA FOR DCF VALUATION
RECOMMENDED FORMULA FOR ECONOMIC-PROFIT VALUATION
SUBTLETIES OF CONTINUING VALUE
COMMON PITFALLS
EVALUATING OTHER APPROACHES TO CONTINUING VALUE
ADVANCED FORMULAS FOR CONTINUING VALUE
Chapter 11 - Estimating the Cost of Capital
WEIGHTED AVERAGE COST OF CAPITAL
ESTIMATING THE COST OF EQUITY
ESTIMATING THE AFTER-TAX COST OF DEBT
USING TARGET WEIGHTS TO DETERMINE THE COST OF CAPITAL
COMPLEX CAPITAL STRUCTURES
Chapter 12 - M ............

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